In Global Payroll, like other industries, people are keen to harness the benefits of technological innovations. As these become more readily available, the whole sector changes. The nature of the work and what can be achieved through it all begins to shift – just think about the effects that increased automation has had in payroll and beyond in the past decade.
‘Cloud computing’ is just one of the exciting areas where recent advances suggest great possibilities for its application to payroll, but it takes more than speculation for the widespread acceptance and adoption of a new technology. Yet IBM has suggested that “businesses plan to move 75 percent of their existing non-cloud applications to cloud within three years.”[1] So the questions arise: is now the time for payroll software and systems to make full use of the cloud, and why now?
In fact, we all use cloud-based systems every day and have done so for some time. Take Microsoft’s Office 365 service for instance – it is cloud-based, easy to use, trusted, and exceptionally popular for its suite of programs for basic office tasks. And before this or the age of ‘personal computing’, server rooms provided computing power to terminals around a building, increasing computing access for schools and businesses at less cost. There is a line of development that runs all the way from here to modern-day cloud computing.[2]
Why payroll? Why now?
So what is the benefit of cloud computing to Global Payroll? Simply put: cloud technology is now essential for organisations to function in a global environment. We can break this down further into 3 elements which are both part of the requirements of global business, and benefits which can be provided by a well-implemented cloud solution. These are: Integration, Compliance, and Cost Savings.
Integration
We’ve already mentioned the impact automation has had on the payroll industry in the past decade, but it is a shift which is by no means nearing its endpoint.
To continue meeting and surpassing the demands of global business, many more of the processes we undertake must be successfully automated to allow us to focus our attentions and efforts where they are most valuable.
But when processes, systems and stakeholders are diverse and located worldwide, this simply isn’t possible without an appropriate level of integration.
Well managed integration enables automation to take place across varied systems and departments. Payroll operates, not just between countries and regions, but between HR and Finance departments and systems. Without effective integration it quickly becomes clear how dizzying the prospect of setting up automation would be in this context.
Cloud-based Global Payroll software is the most effective way of reaching the level of integration necessary to enable automation, remove system and data interdependencies, and therefore significantly improve the efficiency of these processes.
Compliance
But it is not just the opportunity for automation and efficiency which makes integrated cloud payroll software such an attractive option.
Above all else, those responsible for delivering payroll know that their services must always be fully compliant and auditable. With an integrated, secure, cloud solution this becomes more comfortable to maintain than it ever has been, and considering the increasing complexity of global business, this is an impressive achievement.
These essential standards can be upheld globally alongside business expansion and changing legislative and corporate requirements. cloud payroll software keeps all this knowledge both ‘under one roof’ and makes it available to those with the correct clearances and privileges, globally.
This has the bonus of removing the need for manual updates on discrete systems according to tax and employment changes; meanwhile, optimum security is ensured in all operating regions and on all applicable devices, whether desktop, mobile or tablet.
This way, employees are always paid accurately and on-time while creating a secure, auditable, accessible and up-to-date record of the necessary information, tailored to specific national or international requirements.
This also opens up the chance for flexible, ‘on-the-go’ access to self-service tasks, expense management, and payslips, all available on mobile platforms.
This improves the experience and productivity of employees and managers, and in saving them time, saves the company time.
Cost savings
Of course, while these are positive outcomes in themselves for smooth-running, flexible and resilient payroll operations which instil confidence in all stakeholders, and improve user experience and productivity, there is another key benefit delivered by cloud payroll software: cost savings.
And it is important to remember that these are not simply one-off but cumulative, drawing from data, work, time and system efficiencies that grow remarkably with the improvements to integration and automation afforded by the use of cloud technology.
Why now is the time to use cloud-based Global Payroll software
With this in mind, the improvements to the payroll sector made possible by modern cloud solutions make a clear case for their utilisation.
The work necessary to run a global payroll operation is reduced while the quality improves, with less errors (requiring costly changes and re-runs) and less of the repetitive manual tasks which can often be their cause.
This is an improvement for the companies involved, with secure, high-quality, auditable and compliant data; for payroll workers, freeing them to focus on more valuable tasks that fully engage their skillset; and for employees, whose experiences are improved by ‘on-the-go’ access and the confidence that their needs are being properly met.
Such a solution was not possible 20 years ago, prohibited by technology, cost and logistics. The fact that it is now achievable, delivering such wide-ranging benefits and producing cumulative cost-savings, makes now the time for this possibility to be fully realised as the most sound investment available. This way, the payroll sector can continue to meet the challenges of modern global business and adapt to and improve upon the global business environment of the future.
If you are considering adopting cloud-based global payroll software, contact us today on – enquiries@global-ems.com – and find out more about how we can help you.
References:
[1]. https://www.ibm.com/cloud/cloud-native-research/
[2]. https://www.ibm.com/blogs/bluemix/2017/01/cloud-computing-history/
